The Serious Fraud Office and Financial Markets Authority have new Ministerial masters after Prime Minister John Key announced his new Cabinet in Wellington this morning.
Anne Tolley (Police Minister) will oversee the SFO, while Craig Foss (Commerce) will oversee the FMA.
Meanwhile, Finance Minister Bill English is getting a new Associate Minister of Finance in Jonathan Coleman, who will join English and Stephen Joyce in the finance team.
Coleman replaces retiring Minister Simon Power in the Associate Finance role. Prime Minister John Key said Coleman was given the Associate role as he was now Minister of State Services - an area in which the government is looking for significant Budget savings over its next term.
See the full Ministerial list here.
Gerry Brownlee retained the position of Minister for Earthquake Recovery, and was given responsibility for the depleted Earthquake Commission (EQC). The EQC had previously fallen under the Finance portfolio. Brownlee was also given the Transport portfolio and resumed his position as Leader of the House.
Commerce belongs Craig Foss, meaning he will have responsibility for the Financial Markets Authority (FMA). Foss, a former currency and bond trader, chaired Parliament's Finance and Expenditure Committee during the last term.
Anne Tolley will now be overseeing the Serious Fraud Office (SFO), after being given the Police portfolio. Tolley had the Education portfolio taken off her and given to Hekia Parata, who moved to the front bench. Parata's former Energy and Resources portfolio went to Phil Heatly, who remained as Housing Minister.
Heatley's Fisheries and Aquaculture portfolio was merged with Agriculture and Biosecurity and given to David Carter, who will be in charge of those areas as Minister for Primary Industries.
Stephen Joyce moved to the front bench, and became Minister for Economic Development, Minister for Science and Innovation, and Minister for Tertiary Education, Skills and Employment.
The responsibility for 'employment' was taken off Paula Bennett, who remained Minister for Social Development and Youth Affairs. Bennett moved onto the front bench with Parata and Joyce.
Tony Ryall remained Minister for State Owned Enterprises, as well as Health.
Asset sales
Meanwhile, earlier on Monday, Key said the government needs to make the case to the public for how unpopular policies such as the mixed-ownership model fit with the broader agenda of getting the books back to surplus as quickly as possible.
The National Party campaigned on the election being a mandate for its policy to sell up to 49% shares in SOEs Meridian Energy, Genesis Energy, Mighty River Power and Solid Energy, as well as part of its 73% shareholding in Air New Zealand.
Opponents have argued that because National did not receive 50% of the general vote, it did not gain such a mandate, and have pointed to polls in the lead-up to the November 26 election continually showing the majority of New Zealanders did not favour the policy.
Speaking on TV One's Breakfast programme on Monday morning, Key said, "a lot of people would argue that the mixed-ownership model was unpopular".
"Some people will say welfare reform is unpopular. Certainly some of the spending cuts we had to undertake and will have to undertake to make sure we stick to our budget are unpopular. But my view is you’ve got to make that case to the New Zealand public about what the big agenda is, and that is, get back to surplus as quickly as we can,” Key said.
Government formed
Key named his new Cabinet today, after yesterday signing a confidence and supply agreement with the Maori Party and its three MPs. That, along with coalition arrangements with ACT and UnitedFuture Parties (one MP each), bring its Parliamentary majority to four.
The Maori Party's agreement is for confidence and supply on Budget votes, and it is free to vote against policies such as the changes to the SOE Act which would allow the stakes in the four energy companies to be sold.
(Updates with Cabinet announcement)
29 Comments
Key is a fraud.
I have just explained the money supply to my son. I explained to him that the reserve bank has just created the total money supply for New Zealand, which is $10, and given to his bank. The bank then creates another $90 and loans it to him bearing 10% interest and repayable in 12 months.
I gave my son the $90 and then asked him for the $99 to be paid back.
His first answer was interesting. He gave me that $90 and then said he would have to borrow the other $9.
Good answer I thought as that is exactly how our money supply works. Mathematically impossible to repay the debt.
So we want to sell assets we already own to pay back debts that are actually impossible to repay. Good one.
Interesting to call him a fraud scarface. What politician isn't?
I'm not saying he's NOT a fraud, but I see from time to time Bernard calls Obama a liar and a fool.
I think there are varying degrees of crapness in modern politicians.....key, banks, david cameron, newt gingrich are all pollies who are all happy with modern politics as it serves them well and its effect on normal people is of no interest to them.
Other people like Obama and (gulp) Cunliffe probably do care about normal folk but won't admit to themselves that modern democracies have ceded all their power to mutlinationals, and that the globalisation of the last few decades has forced the middle class of developed nations in to a race to the bottom of the wage heap with indian and chinese labourers.
In particular, Obama is trying to operate in a country where the lobbyists are in charge. I think his only hope is to get up in front of the camera's and say "You 99%ers are right. The system is rigged against you. The lobbyists now own your democracy and things need to change BIG time. I'm with you. Lets go." But he won't.
Cunliffe and Shearer are similar i think. They probably have a degree of empathy for normal folk that Key and the other sociopaths don't, but I doubt they'll ever do anything radical like admitting that we are almost certainly at the start of a slow collapse.
With all this in mind the only option left is for the system to unwind spectacularly a la some black swan event because the Pollies, as usual, despite having more info at hand than anybody else, lack the cojones to to what is needed.
I am sure there are a few politicians that start full of idealism and intent, at what point do they become currupted is probably the moot point. For surely to continue the charade makes them culpable.
I am sure there are a few that remain true to their ideals, but not many. Jim Anderton perhaps? Even good old Hone.
I have actually watched the mind of someone close to me become corrupted by money, fascinating to see really. It was a matter of someone that did not care for it as his needs were smiple, but when becoming moneyed through no efforts of his own all of a sudden thought he was more important. Almost overnight he changed from being able to participate in a thoughtful conversation to being 'right' in all his opinions.
They've been in government for 3 years , and now have another 3 year term ahead of them ....
... . which contrasts with the Greens , who've been in parliament for 15 years , but actually been in government for just .... ummmm , zero ....
Where do you believe that the Maori Party can pursue their agenda with greater tangible success , within the government , or on the opposition benches ?
You must have your own backup plan Scarfie....never...NEVER...look to govt for plans that work for you. Or you could start your own bank...that would guarantee you a place at the decision making table and a life of wealth and 'status' with the ongoing help of the RBNZ.
Mr scarfie is right , Wolly ..... they should sell us down the road , I'd like to see that ..... bundle up the state highways into SOEs , install toll booths ..... and flog 'em off to the public as separate stand alone toll road companies !
..... damned fine idea , sir .
Electronic toll booths are the go ..... you drive through , getcha pic taken , and a fee is automatically deducted from your toll company account ......
...... ummmm , silly me .... this is NZ ..... we'll go back to the old system of having a little guy within a the glassed booth , no change , a bad attitude ..... and a two mile back-log of irate car drivers , truckies & buses ......
Well they could at least have some Auckland taxes.
Maybe $5 each way on the Harbour Bridge. A couple of dollars for the Newmarket viaduct. A few dollars more for the new Mt Albert extension.
I'm sure you could squeeze half a billion a year - that'd be a way to discourage Auckland growing, which in turn would limit the calamity and NZ's financial ruin when a volcano erupts somewhere in the city at some point in the not too distant future.
Just absolute silliness to sell energy companies.
Assets with genuine guaranteed revenue streams, irreplaceable infrastructure and virtual market monopolies between them don't make the ideal companies for disposal.
Dump Air NZ - why keep something that could in theorey be easily replaced and we aren't entirely reliant upon?
But for goodness sake keep the energy companies!
It's easy to do, just dispose them to the NZ Superannuation Fund with the condition that they can never be sold except back to the Government.
The NZ Super Fund will earn the revenue (which is what they need), cash is freed up for the Government to reduce debt and best of all, the Investment Bankers are left out of the loop and don't pilfer the countries wealth.
Indeed 100% of the energy companies could be sold to the Super Fund, so twice as much debt could be repaid.
Nick Smith on the slippery dip ...for squinting a bit like Cunliffe and making that tiny error about the ACC book status.
Anne Tolley steps in vasoline , takes a little skid for having unattractive moments with the press.....the teachers assocation...the teachers ...the kids...er, well everybody really.
John boy sends a warning to the lazy members to pick it up.
Definately Religion Chaiman........
And don't be shy with the basis for your doctrine....to this day ,some of the finest minds to have lived have found little evidence to contradict the whoppers we subscribe to in all that is Holy. ......or at least they disregarded the evidence as circumstantial at best.
No scarfie if your gonna do it ...go the whole hog..! I've got some great ideas for a benevolent super being that rewards tenfold what you put in.....loosely based on a Nigerian thingy.....anyways let's know if you want to get started on it.
Of course I'll expect to be remunerated handsomely plus royalties while still in this life and not when I reach Hickesteria or whatever Nirvana suits you.
Wasn't Steve Joyce already Minister of Tertiary? Maybe it's the new name of 'Tertiary, skills & Jobs" thats new. Anyway, watch out for mergers / rationalisations of universities & polytechnics with cost cutting - e.g. Otago & Canterbury merge - single admin etc. Massey & Waikato maybe? Auckland has AUT, Auckland, Massey(Albany) - all in 1 city, then ITs - Manuakau, Unitec, other sub-branches of others - far too many for lil NZ. Other mergers have already been going on.
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